Derivatives specialist Louise McCoach has authored the 2021 Australia chapter of the ‘International Comparative Legal Guide - Derivatives 2021’, which summarises the laws and regulations of derivatives in Australia. The chapter covers documentation and formalities, credit support, regulatory issues, insolvency/bankruptcy, close-out netting, taxation and bespoke jurisdictional matters and market trends in the Australian derivates market.
Dieses Legal Update ist Teil einer Reihe, mit welcher die für Praktiker relevanten Änderungen zum Aktienrecht in kondensierter Form dargestellt werden. Bereits publizierte Legal Updates finden Sie auf unserer Website unter Aktienrechtsrevision 2020. Neue Legal Updates zum Thema Aktienrechtsreform werden regelmässig an unsere Newsletter-Subscriber verschickt und auf unserer Website publiziert.
Übersicht
A recent case before bankruptcy judge Karen B. Owens of the United States Bankruptcy Court for the District of Delaware, In re Dura Auto. Sys., LLC, No. 19-12378 (KBO), 2021 WL 2456944 (Bankr. D. Del. June 16, 2021), provides a cautionary reminder that the Third Circuit does not recognize the doctrine of implied assumption (i.e., assumptions implied through a course of conduct as opposed to those that are assumed pursuant to a motion and court order).
The motivation for the recent insolvency law reforms is to give insolvent companies breathing space to try to reorganise their affairs and allow viable businesses to continue to trade
With the threat of increased insolvencies as an effect of the COVID-19 pandemic remaining very real, the construction sector needs to be aware of the impact of changes to insolvency laws.
Changes to insolvency laws in the UK, Australia and Singapore may affect how parties deal with the termination of construction contracts where one party to the agreement is insolvent.
With Hertz emerging from a bankruptcy with a positive result for shareholders, we are reminded of the interplay between the equity markets and the bankruptcy alternative.
Some firms facing financial challenges during the pandemic were able to avoid a bankruptcy filing altogether because of their ability to raise the necessary funds through an equity offering. Hertz provides an example of a situation where the bankruptcy filing instead of wiping out the equity enhanced value.
A new cooperation arrangement for mutual recognition of and assistance to cross-border corporate insolvency and debt restructuring proceedings has been established between Mainland China and Hong Kong (the Cooperation Arrangement).
The Cooperation Arrangement is provided in a Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) proceedings between the Courts of the Mainland and of the Hong Kong Special Administrative Region (the ROM) signed by the Mainland’s Supreme People's Court (SPC) and Hong Kong’s Department of Justice on 14 May 2021.
On July 2, 2021, Something Sweet, Inc., a New Haven, Connecticut-based bakery that “provides high quality pies and cakes to the largest retailers in the country,” filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10993). The company estimates $10 to $50 million in assets and liabilities.
根据普通法和信托概念，必须要区分(1)受托人持有的信托资产的法定所有权和(2)受益人持有的信托资产的衡平法权益（即享有信托资产收益的权利）。
委托人可在生前设立家族信托，也可以在遗嘱中设立(也称为“遗嘱信托”)。在后一种情况下，信托在委托人去世时生效，转移给信托的资产是遗嘱中指定的资产。
此外，家族信托还可以分为固定信托或全权信托。固定信托按预定比例向特定受益人提供利益。在全权信托下，受益人通常被描述在一个类别内（即受益人不固定），受托人可以决定在受益人之间分配的金额。
优点
信托中的资产无须一次性转移给任何受益人。信托可以设定分配条件（资产或资产产生的收入），以保护弱势受益人。如果他们过早以自己的名义获得资产，可能会做出不明智的支出决定。信托还可以为将来的目的预留资金，如委托人后代的教育支出或需要长期医疗或特殊护理的家族成员的费用。
全权信托允许在确定受益人方面有一定的灵活性，例如将信托设立时委托人尚未出生的子女包括在内，排除后代的配偶等。
In a previous article, I discussed the potential impacts of a then-forthcoming decision in the case of In re United Cannabis Corporation, which had the potential to widen access to federal bankruptcy relief to cannabis-adjacent hemp businesses.
On 28 June 2021, the English High Court handed down a judgment declining to sanction a restructuring plan proposed by Hurricane Energy PLC, which sought to cram down the dissenting class of shareholders and hand over the control of the company to its bondholders with a debt-for-equity swap diluting the shareholders down to 5% of their existing shareholding. This is the first time that the English court has declined to sanction a restructuring plan (since their introduction almost a year ago in June 2020), and only the fourth time that the cross-class cram down mechanism has been used.